ICICI Bank to invest heavily on tech and staff

ICICI Bank is poised to make significant investments on technology and manpower in the next five years.

India's second largest lender ICICI Bank is poised to make significant investments on technology and manpower in the next five years to serve four major booming businesses—corporate, SMEs, wealth management and rural and agriculture.

"We are of the view that there is immense opportunity in the four sectors, which are opening up," an ICICI Bank official said, but declined to specify the quantum of investments.

Priority wise, corporate sector is at the top, followed by retail, international business and rural and agri business.

"Huge investment is required by way of capital, technology and manpower in the next five years," the official said.

ICICI Bank has low-cost cutting-edge technology and will continue to make fresh investments on technology to further reduce operating cost.

The staff hirings will be mostly at the top-end to serve the boom in the banking services, he said.

Corporate Banking is growing at a faster rate and needs revitalisation.

India Inc has enormous faith on ICICI Bank as it has provided corporate banking and international banking services wherever they have gone in the world.

"We have been funding many companies since 1960s, 70s and 80s, and some of them have now become Indian multinationals," the official said.